NEW YORK (AP) — Caterpillar, the world's largest construction and mining equipment maker, moved aggressively to capitalise on demand in emerging markets yesterday with a $7.6 billion buyout of Bucyrus International.

Bucyrus makes surface mining equipment used for coal, copper, iron ore, oil sands and other minerals. With a grinding economic recovery ongoing in the West, global companies like Caterpillar Inc. have driven further into China, India and Brazil, where the appetite for raw materials used in construction and mining are strong.

Caterpillar said last month its third-quarter profit doubled, thanks in large part to growth in those markets.

With the Bucyrus deal, Caterpillar seeks to expand its footprint in countries that are "improving infrastructure, rapidly developing urban areas and industrialising their economies," the company said Monday. The deal will also significantly expand Caterpillar's line of mining equipment and double its mining revenue.